Content area
Full Text
VoIP Telecom Plans Market Hub; Interplay Games Get Raves
Tech investments might be a chancier bet than ever, but from the looks of things, plenty of people still are gambling.
Buyproduce.com, an online exchange for buyers and sellers of fresh produce, has snagged $20 million in venture capital from a group of investors that include Charter Growth Capital, Lehman Bros., Nassau Capital LLC and Sequoia Capital.
Officials at the Irvine firm trumpeted the deal in an announcement they all but conceded was an attempt to reassure customers that the company has long-term staying power. The ecommerce arena has become a house of horrors in recent weeks as tech stocks plunge and online retailers edge closer to bankruptcy.
The latest round brings buyproduce's total venture financing to more than $30 million.
At the same time, CommerceScout, a Long Beach company that is in the process of moving to Newport Beach, said it has secured $6 million.
The company is launching a Web site that allows shoppers to compare prices and features at other retailing Web sites. The funding is remarkable considering investors' aversion to retail-oriented ventures, especially in a field as crowded as comparison shopping....